DATAPRO RATING GUIDE

Corporates

ENTITY	RATING	VALIDITY
Leadway Asset Management Company Limited	A⁺	Dec, 2024
Adozillion Homes And Realty Ltd	BBB	Dec, 2024
Standard Chartered Bank Nigeria Limited	A⁺	Nov, 2024
African Nonferrous Industries Limited	A	Nov, 2024
Paras Energy and Natural Resources Development Limited	A^-	Nov, 2024
Fewchore Finance Company Limited	BBB⁺	Nov, 2024
FundCo Capital Managers Ltd.	BBB	Nov, 2024
Hartleys Supermarket And Stores Limited	BBB⁺	Nov, 2024
Lagos Free Zone Company	BBB^-	Nov, 2024
DLM Capital Group	A⁺	Oct, 2024
Flour Mills of Nigeria Plc	A	Oct, 2024
GZ Industries Limited	A	Oct, 2024
FSDH Asset Management Limited	BBB⁺	Oct, 2024
Fintrak Software Company Ltd	BBB	Oct, 2024
Africa Plus Partners Nigeria Limited	A	Sep, 2024
FBNQuest Asset Management Ltd	A⁺	Sep, 2024
CardinalStone Partners Ltd	A	Sep, 2024
Xchange Box Solutions Ltd	BBB	Sep, 2024
Providus Bank PLC	A^-	Jul, 2024
Nova Merchant Bank Limited	A⁺	Jul, 2024
UAC of Nigeria Plc	A^-	Jul, 2024
Eat 'N' Go Limited	BBB^-	Jul, 2024
Fidson Healthcare Plc	A	Jul, 2024
Neveah Limited	BBB⁺	Jul, 2024
Mecure Industries Ltd	A^-	Jul, 2024
Bigoz Logistics Limited	A	Jul, 2024
Emzor Pharmaceuticals Industries Ltd	A	Jul, 2024
Golden Securities Limited	BB	Jul, 2024
ATIAT Limited	BBB	Jul, 2024
Polaris Bank Limited	BBB⁺	Jun, 2024
Planetcap Asset Management Limited	BBB^+(IM)	Jun, 2024
Skymark Partners Limited	A	Jun, 2024
Novare Fund Manager Nigeria LTD	A^-	Jun, 2024
NECIT Nigeria Limited	A^-	Jun, 2024
Johnvents Industries Limited	BBB⁺	Jun, 2024
Trustbanc Holdings Limited	A⁺	May, 2024
Ardova PLC	A	May, 2024
Zylus Homes and Property Limited	BBB	May, 2024
Saro Agrosciences Limited	BBB⁺	May, 2024
Saro Lifecare Limited	BBB	May, 2024
03 Capital Nigeria Limited	A^-	May, 2024
Jilnas Nigeria Limited	BBB⁺	May, 2024
United Capital Asset Management Ltd	A^+(IM)	Apr, 2024
MBO Capital Management Limited	BBB⁺	Apr, 2024
Parthian Partners Limited	BBB⁺	Apr, 2024
Readial Farms Limited	BBB	Apr, 2024
BUA Cement Plc	AA	Mar, 2024
Smart Residences Limited	A^-	Mar, 2024
African Steel Mills Limited	A^-	Mar, 2024
Abuja Steel Mills Limited	A^-	Mar, 2024
Efficacy Construction Company Limited	BBB⁺	Mar, 2024
Fast Credit Limited	BBB⁺	Mar, 2024
AVA Global Asset Management Limited	A	Feb, 2024
SKLD Intergrated Services Limited	BBB⁺	Feb, 2024
AOS Orwell Group	BBB	Feb, 2024
AB Microfinance Bank Limited	BBB⁺	Feb, 2024
Actis West Africa Income Manager Limited	BBB⁺	Feb, 2024
Cardinal Torch Company Limited	BBB	Feb, 2024
Polysmart Packaging Limited	BBB	Feb, 2024
Julius Berger Nigeria PLC	A	Jan, 2024
VFD Group PLC	A⁺	Jan, 2024
Veritasi Homes and Properties Limited	BBB⁺	Jan, 2024
Finceptive Limited	BBB	Jan, 2024
Sujimoto Construction Limited	BBB	Jan, 2024
A-Z Petroleum Products Limited	BBB⁺	Jan, 2024
Landwey Investments Limited	BBB	Jan, 2024
Hillcrest Agro Allied Industries Limited	BBB	Jan, 2024
Unity Bank PLC	BB⁺	Dec, 2023
FBNQuest Funds Limited	A	Dec, 2023
Abbey Mortgage Bank PLC	A^-	Dec, 2023
Livingtrust Mortgage Bank PLC	BBB⁺	Dec, 2023
MyCredit Investments Limited	BBB⁺	Dec, 2023
Coceptive Services Limited	BBB⁺	Dec, 2023
Zedcrest Group	A^-	Dec, 2023
Union Bank of Nigeria PLC	A^-	Nov, 2023
Babban Gona Farmer Services Nig Ltd	A^-	Nov, 2023
Capitalfield Investment Group Limited	A^-	Nov, 2023
Capital Trust Investment & Asset Management Limited	A^-	Nov, 2023
Urban Shelter Limited	BBB^-	Nov, 2023
Lionseal Industries Limited	BBB⁺	Nov, 2023
GLNG Funding SPV PLC	BBB	Nov, 2023
Sterling Bank PLC	BBB⁺	Oct, 2023
Mutual Trust Microfinance Bank Ltd	A^-	Oct, 2023
Cedrus Group Africa Limited	BBB	Oct, 2023
Infinity Microfinance Bank Ltd	BBB⁺	Oct, 2023
Chrisland Schools Limited	A^-	Oct, 2023
Godmade Homes Limited	BBB⁺	Oct, 2023
BB Landmark Realty Limited	A^-	Oct, 2023
Zenith Bank PLC	AA^-	Sep, 2023
FCMB Group PLC	A	Sep, 2023
DLM Capital Group	A	Sep, 2023
United Capital PLC	AA^-	Sep, 2023
Valency Agro Nigeria Ltd	A^-	Sep, 2023
African Foundries Limited	A⁺	Aug, 2023
TrustBanc Arthur Limited	BBB	Aug, 2023
Bilaad Realty Nigeria Limited	BBB+	Aug, 2023
Emerging Africa Capital Limited	A^-	Jul, 2023
The Magnificent Multiservices Limited	A^-	Jul, 2023
Gresham Asset Management Limited	BBB	Jul, 2023
Cordros Capital Limited	A	Jun, 2023
Mojec International Limited	A	Jun, 2023
Nosak Distilleries Limited	A^-	Jun, 2023
Pomegranate Nigeria Limited	BBB⁺	Jun, 2023
Cititrust Holdings PLC	BBB^-	May, 2023
Daraju Industries Limited	BBB	Apr, 2023
Robust International Commodities LTD	BBB⁺	Mar, 2023
AVA Global Asset Managers LTD	A^-	Feb, 2023
Prima Corporation Limited	A^-	Nov, 2022
TAJ Bank Limited	BBB	Nov, 2022
Golden Bridge Asset Management	BBB⁺	Nov, 2022
Accugas Limited	BBB^-	Nov, 2022
Guaranty Trust Bank Ltd	AA⁺	Oct, 2022
Viathan Funding PLC	BBB⁺	Oct, 2022
Mainstreet Microfinance Bank Ltd	BBB⁺	Oct, 2022
Lee Fakino Nigeria Limited	BBB⁺	Oct, 2022
MyCredit Investments Limited	BBB⁺	Oct, 2022
FarmKonnect Agribusiness Nig Plc	BBB	Oct, 2022
Alpha Mead Group	BBB	Oct, 2022
Lekki Gardens Estate Ltd	BBB⁺	Oct, 2022
Capital Trust Investments & Asset Mgt LTD	A^-	Sep, 2022
Interswitch Africa One PLC	AA^-	Sep, 2022
Cardinalstone Group	A	Sep, 2022
Sankore Securities Limited	A	Sep, 2022
Norrenberger Investment & Capital Mgt Ltd.	BBB⁺	Aug, 2022
Mixta Real Estate PLC	BBB	Aug, 2022
AG Mortgage Bank PLC	BBB^-	Jul, 2022
Total Nigeria PLC	A^-	Jul, 2022
Landmark Funding SPV PLC	A^-	Jul, 2022
International Breweries Plc	BBB	Jun, 2022
Northwest Petroleum & Gas Co Ltd	BBB	Jun, 2022
GPC Energy & Logistics Limited	A	May, 2022
Pinnacle Oil & Gas Limited	BBB	May, 2022
TrustBanc Asset Management Ltd	A	Apr, 2022
STL Trustees Limited	A⁺	Apr, 2022
Purple Real Estate Development Ltd	A	Mar, 2022
Dufil Prima Foods Plc	A^-	Feb, 2022

Bonds

ENTITY	RATING	VALIDITY
MCM Funding SPV Plc	BBB⁺	Dec, 2024
Cardinalstone Financing SPV Plc	A	Nov, 2024
Sterling Investment Management SPV Plc	BBB⁺	Nov, 2024
Livingtrust Mortgage Bank Plc	BBB⁺	Nov, 2024
TAJ Sukuk Issuance Programme SPV Plc	BBB⁺	Sep, 2024
Eat & Go Finance SPV Plc	BBB^-	Aug, 2024
Eat & Go Finance SPV Plc	BBB^-	Aug, 2024
Eat & Go Finance SPV Plc	BBB^-	Aug, 2024
Fidelity Bank PLC	A	Feb, 2024
Flour Mills Of Nigeria Plc	A	Dec, 2023
Valency SPV PLC	A^-	Dec, 2023
GLNG Funding SPV Plc	AAA	Dec, 2023
Mutual Trust MFB Limited	A^-	Nov, 2023
Mahfas Investments Limited	BBB	Sep, 2023
Structured Secured Strip SPV PLC	AAA	Aug, 2023
Structured Secured Strip SPV PLC Series 2	AAA	Aug, 2023
ZSG-SPV Company Limited	BBB	Aug, 2023
KSIP Funding SPV Limited	A	Aug, 2023
Voriancorelli Funding SPV PLC	BBB^-	Jun, 2023
Digital Connect Financing SPV PLC	BBB^-	Jun, 2023
Ojaja Pan Africa Limited	A^-	Jun, 2023
Modern Shelter Systems & Services Limited	A	May, 2023
BUA Cement PLC	AA	Apr, 2023
Parthian Partners Funding SPV PLC	BBB⁺	Mar, 2023
AG Funding SPV PLC	A^-	Feb, 2023
Coronation Merchant Bank	A⁺	Oct, 2022
United Capital Plc	A⁺	Oct, 2022
Mutual Trust MFB SPV Plc	BBB⁺	Oct, 2022
Landmark Funding SPV Plc	A^-	Oct, 2022
Mixta Real Estate Plc	A^-	Oct, 2022
Readial Farms Limited	BBB⁺	Oct, 2022
Chrisland School SPV PLC	A	Oct, 2022
Interswitch Africa One PLC	AA^-	Sep, 2022
Ardova PLC	A	Jul, 2022
GPC-SPV Company Plc	AAA	Jul, 2022
Pinnacle Funding SPV PLC	BBB⁺	Jul, 2022
NOVAMBL Investments SPV PLC	A	May, 2022
Tizeti Network Africa Plc	BBB^-	May, 2022
OneWattSolar Limited	BBB	May, 2022
Fidson Healthcare Plc	A^-	Apr, 2022
Daraju Industries Funding SPV	BBB	Apr, 2022
Casafina Capital Limited	BBB⁺	Apr, 2022
Primero BRT Securitisation SPV Plc	A	Mar, 2022
Aella Financial Solutions Ltd	BBB	Mar, 2022
Valley SPV Funding Limited	BBB	Feb, 2022

Funds

ENTITY	RATING	VALIDITY
Trustbanc Money Market Fund	A^(f)	Nov, 2024
Norrenberger Money Market Fund	A^+(f)	Oct, 2024
Norrenberger Islamic Fund	A^(f)	Oct, 2024
Greenwich Plus Money Market Fund	A^+(f)	Sep, 2024
AVA GAM Fixed Income Naira Fund	A^(f)	Mar, 2024
AVA Gam Fixed Income Dollar Fund	BBB^(f)	Mar, 2024
Emerging Africa Asset Mgt Ltd.	AA^-(f)	Sep, 2023
Greenwich Plus Money Market Fund	A^(f)	Sep, 2023
SFS Capital Nigeria Limited	AA^(f)	Jun, 2023
The Nigerian Football Fund	A^-(f)	Mar, 2023
SFS REIT	A^(f)	Sep, 2022
Utica Capital Limited	AA^(f)	Sep, 2022
PAC Asset Management Ltd	A^(f)	Feb, 2022
Union Homes REIT	A^(f)	Dec, 2021
R.T Briscoe Nigeria Plc	A^(f)	Aug, 2021
Afrinvest Plutus Fund	A^+(f)	Aug, 2021
NOVA Prime Money Market Fund	A^-(f)	July, 2021

Sub-Nationals

ENTITY	RATING	VALIDITY
Zamfara State Government	BBB^-	May, 2023
Sokoto State Government	BBB	Apr, 2023
Oyo State Government	BBB	Oct, 2022
Adamawa State Government	BBB^-	Sept, 2022
Enugu State Government	BBB	Sept, 2022
Katsina State Government	BBB	May, 2022
Yobe State Government	BBB^-	March, 2022

Commercial Papers

ENTITY	RATING	VALIDITY
Afex Fair Trade Limited	A1^-(CP)	Nov, 2024
CC Receivables SPV Limited	A1^(CP)	Till maturity
AFIL SPV PLC	A1^+(CP)	Jan, 2024
Golden Oil Funding SPV Plc	A1^(CP)	Till Maturity
AFEX Investment Ltd.	A1^-(CP)	Till maturity
Commodities Funding SPV Plc	A1^+(CP)	March, 2022
Parthian Partners Limited	A1^-(CP)	February, 2022

Sukuk

ENTITY	RATING	VALIDITY
Moor Villas SPV PLC	A^-	Jan, 2024
Minaret Sukuk Company Limited	BBB⁺	Sep, 2023
Modern Shelter Systems & Services Limited	BBB	Sep, 2023
Pomegranate Financing SPV Limited	A^-	Aug, 2023
Caliphate Sukuk SPV Limited	BBB⁺	May, 2023
Minaret Sukuk Company Limited	BBB⁺	Jan, 2023

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DATAPRO RATING GUIDE

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